OT: Government Caused The Current Recession

Yep.
I was thinking that I heard some years ago that the average person gets back out of Social Security everything they contributed......in about six years. But, since we're forced to pay in, we believe that we SHOULD get something back. And, since private health insurance pretty much goes away in favor of Medicare, we sorta need to get on that train at about 65 if we want coverage.

If the predictions I've been hearing, reading (and thinking) come true, it's going to be a VERY rough ride from here on out.

Den

I just ran across this article.......

http://www.msnbc.msn.com/id/29237750

I wonder how many more of them are out there?

When you combine government stupidity with corporate greed, you get this type of "recipe for failure".


Den

Yes Den, I keep being reminded of something one of our founding fathers (forget which one) said at the signing of the Constitution, "This type of government will not work unless the people voluntarily obey the laws."

rooster wrote:3. The U.S. government caused an unnatural boom in the housing market by forcing lenders to make risky loans to consumers who could not afford the loans nor the houses.

The BF has been screaming for months about Alan Greenspan and George W. Bush needing to be lynched for ax-murdering the 30 year bond, which caused Wall Street to go hunting for Collatoralized Debt Objects or whatever they are called (mortgage-backed securities).

They tossed out the 30 year bond, because they felt the national debt was under control.

I wonder what they think now?

Cheers?
B.

Oh, if only Social Security, SDI, etc. were "insurance" programs. They are all tax programs that redistribute wealth. The "beneficiaries" have "rights" to receive funds only so long as congress chooses to allow it. No one has a vested right to one penny from any of these programs. There is not one penny set aside to assure that future recipients will receive their money as insurance companies have to do. That is the source of the coming crisis. With a dramatically increasing retirement population and a decreasing workforce, either Social Security taxes will have to go up dramatically, benefits will have to be cut, or some combination of both.

ATXRon wrote:Oh, if only Social Security, SDI, etc. were "insurance" programs. They are all tax programs that redistribute wealth. The "beneficiaries" have "rights" to receive funds only so long as congress chooses to allow it. No one has a vested right to one penny from any of these programs. There is not one penny set aside to assure that future recipients will receive their money as insurance companies have to do. That is the source of the coming crisis. ..........

And Congress is critical of Madoff? Congress is running the biggest "Madoff scam" in world history.